Oil production kicks off in Kurdistan's Atrush block

Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, has started oil production at its Atrush block in the Kurdistan region of Iraq

Libya's oil production exceeds one million bpd

Libya's oil production has risen to 1.012mn barrels per day (BPD), as reported by Reuters, topping one million barrels for the first time in four years

State-owned National Oil Corporation had targeted reaching one million bpd by the end of July. Output has been helped by an interim deal with Germany's Wintershall to resume production amid a contract dispute, said Reuters.

On Thursday, according to the Reuter's source production had been fluctuating between 950,000 bpd and close to one million bpd due to technical and power generation problems. He expected production to stabilise at the higher end of that range "very soon".

Libya's oil sector has been dogged by unrest since the overthrow of leader Muammar Gaddafi in 2011. A power struggle involving various tribal, military and political factions has since affected oil infrastructure through port blockades and pipeline shutdowns, said Reuters.

Libya, along with Nigeria, is exempt from a deal between the Organisation of the Petroleum Exporting Countries and non-OPEC producers to curb output by around 1.8mn bpd.

Last Updated: Tuesday, 04 July 2017 09:37

Hits: 1661

Saudi Arabia takes top position in global recoverable oil ranking

In its annual review of global oil resources, Rystad Energy has found that Saudi Arabia effectively added more recoverable oil resources, thereby retaking its top position ahead of the United States and Russia, with total recoverable oil resources reaching to 276bbo in the country